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STOCK COMPENSATION | 3 Months Ended
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Mar. 31, 2014
STOCK COMPENSATION | NOTE F — STOCK COMPENSATION A summary of the Company’s stock option activity and related information for the three months ended March 31, 2014 is as follows:
|  | Options |  |  | Weighted- average exercise price |  |  | Weighted- average remaining contractual life (years) |  |  | Aggregate intrinsic value |
Options outstanding, January 1, 2014 |  |  | 2,371,650 |  |  | $ | 12.75 |  |  |  |  |  |  |  |  |
Grants |  |  | 100,000 |  |  |  | 18.04 |  |  |  |  |  |  |  |  |
Exercises |  |  | (105,213 | ) |  |  | 11.41 |  |  |  |  |  |  |  |  |
Cancellations |  |  | (5,000 | ) |  |  | 15.60 |  |  |  |  |  |  |  |  |
Options outstanding, March 31, 2014 |  |  | 2,361,437 |  |  |  | 13.03 |  |  |  | 6.16 |  |  | $ | 14,624,245 |
Options exercisable, March 31, 2014 |  |  | 1,450,637 |  |  |  | 13.21 |  |  |  | 5.09 |  |  | $ | 9,948,309 |
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on March 31, 2014. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on March 31, 2014 and the exercise price. The total intrinsic value of stock options exercised for the three months ended March 31, 2014 and 2013 was $668,279 and $427,100, respectively. The intrinsic value of a stock option that is exercised is calculated at the date of exercise. The Company recognized stock compensation expense of $726,000 and $671,000 for the three months ended March 31, 2014 and 2013, respectively. Total unrecognized compensation cost related to unvested stock options at March 31, 2014, before the effect of income taxes, was $4.0 million and is expected to be recognized over a weighted-average period of 2.71 years. At March 31, 2014, there were 548,073 shares available for awards that could be granted under the Company’s 2000 Long-Term Incentive Plan.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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